“Customer relationship management is a comprehensive strategy and process of acquiring, retaining and partnering with selective customers to create superior value for the company and customers”.

Importance of CRM
* Identifying customer needs.
* Identifying untapped business potential.
* Identify strong & weak points of suppliers.
* Benchmarking to achieve global excellence. * Help in rediscovering the customers and understanding them * Identify field requiring new technology and development. * Provide feedback to the suppliers on its total operations. * Action plan to make organization customer centric.

Goals of CRM * Build long term and profitable relationship with suitable customers. * Getting closer to those customers at every point of contact with them Enablers for the growth of CRM (Pg : 17-20 in the pdf you sent) * Emergence of service economy.

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...﻿CRM refers to CustomerRelationshipManagement. It is a strategy that a business or a company to adopt so as to reduce cost and increase profitability by increasing customers’ loyalty and satisfaction, i.e. the knowledge about their customers’ needs and wants… etc. By knowing their customers, companies can store customers information so as to for future analysis and manage thecustomersrelationship. In CRM, it will mainly go through 4 processes, i.e. identify the customers, differentiate them by values then needs, interact with the customers and remember them, customize products / services respectively.
There are several difference between the CRM and traditional marketing. In traditional marketing, it is more company oriented. It focuses on the traditional 4Ps, i.e. price, place, product, promotion. However, CRM is customer oriented. The focus will be changed from 4Ps to 4Cs, i.e. cost to customers, convenience, customer needs and wants, communication respectively. Apart from the different orientation, since CRM emphases on relationship with customers instead of the transaction deal with customers, therefore, the contact with the customer is more continuous in CRM than the traditional marketing. As CRM is...

...2010:111 CIV
MASTER'S THESIS
CustomerRelationshipManagement
Jens Berfenfeldt
Luleå University of Technology
MSc Programmes in Engineering
Industrial Business Administration
Department of Business Administration and Social Sciences
Division of Industrial marketing and e-commerce
2010:111 CIV - ISSN: 1402-1617 - ISRN: LTU-EX--10/111--SE
"If growth is what you're after, you won't learn much from complex measurements ofcustomer satisfaction or retention. You simply need to know what your customers tell their
friends about you."
-Frederick F. Reichheld
"If I'd asked my customers what they wanted, they'd have said a faster horse."
-Henry Ford
Acknowledgements
Writing this thesis has been both difficult and fun to do, it has also been a very interesting
experience, especially the parts concerning the understanding of how real world business
works.
There have been many late nights and early mornings, and after all the work I can finally
conclude that the thesis is finished. Through all of this there have been several helpful people
I would like to thank for their support.
My supervisor Tim Foster has been a great resource throughout the research. He has steered
me in the right direction and given me great support throughout the work process.
Furthermore I want to thank my contact person Ulf Herlin at Haldex for making this thesis
possible and also all...

...paradigm shift Discuss (30)
Relationship Marketing can be defined as a strategy that is used by business organisation to learn more about customer’s mood and behaviours so as to develop stronger relationship with them. Peter Druker stated that the purpose of the business is to create customers and keep them. To do that a company must do those things that make people or customers want to make business with it. Thusrelationship marketing is not a short term tactic but a strategy that should be done in a vacuum. Kotler P (2000) defined CustomerRelationship Marketing as a strategy to identify and attract profitable customers and retaining them by creating efficient relationships in order to guarantee a profitable growth. In this definition it is clear that relationship marketing is not all about making customers, but rather is a marketing concept that should be conducted at managerial level so that an element of mutual benefit between the customer and the organisation can result. However by maintaining and managing such a relationship, relationship marketing would have been achieves. Though the case some scholars such as John Petrof regard Relationship marketing as an “old wine in a new bottle” while others regard it as a new approach representing...

...Introduction
CustomerRelationshipManagement (CRM) is an important part of any companies' sales mix. As part of a sales mix, companies must have a strong sales team; a well planned and executed marketing strategy, and a method to record pertinent information to manage customer relations. A CRM system is an important part in any company. They have a variety of uses from holding basic information such as names and address, to holding other information including relationship history, contract information, and recording customer satisfaction levels.
What is a CRM System?
Defining a CRM system is difficult to do at best. These systems can range from something very simple, to something that is very complex. With this being said however, CRM can best be described as "methodologies, technologies, and e-commerce capabilities used by firms to manage customerrelationships." Particularly, "CRM software used by companies' acts as an aid in the interaction between the customer and the company, which enables the company to coordinate all the communication efforts of the company, so that the customer is presented with a unified message and image."
Defining the Customer
When defining the customer in CustomerRelationshipManagement, the first thought is usually...

...Literature Review:
Introduction:
I have chosen this topic because I believe that it is important for the service marketers to understand the power of customerrelationshipmanagement (CRM), especially for delivering customized services and building loyalty. Being a marketing student encouraged me even more to study this topic while identifying the failures of CRM implementation in the services industry.
Definition:
First and foremost, what is service marketing? By understanding the word service and marketing respectively, a service marketer should be able to deliver efficiently and know what they are supposed to do. “Services”, as proposed by Gronroos (2001), is intangible and easily duplicated. They can be divided into high-touch or high-tech services. High-touch services are mostly dependent on people in the service process producing the service, whereas high-tech services are predominantly based on the use of automated systems, information technology and other types of physical resources. “Services” are the application of specialized competences (knowledge and skills) through deeds, processes, and performances for the benefit of another entity or the entity itself as defined by Vargo and Lusch (2004). The word “exchange” is the foundational construct in marketing for several decades and has been used in defining “marketing” by Alderson (1957), Bagozzi (1975), Houston and Gassenheimer (1987), Hunt (1976) and...

...the activities of the customers (Ngai, 2005; Chen & Popovich, 2003; Mendoza, et al., 2006 cited in Mosadegh & Behboudi, 2011). The processes and the technologies in the traditional CRM is designed to maintain relationships for potential repeat purchases. Customermanagement is based on the operational responses, which is from the sales, marketing and customer services sections. Data and information collected from thecustomers are processed in the CRM system to create better customer's strategy (Mosadegh & Behboudi, 2011). However with the explosive growth of social media, companies need to embrace a new strategy which is the Social CustomerRelationshipManagement (SCRM). "Social CRM is a philosophy and a business strategy, supported by a technology platform, business rules, processes and social characteristics , designed to engage the customer in a collaborative conversation in order to provide mutually beneficial value in a trusted and transparent business environment. It's the company's response to the customer's ownership of the conversation" (Greenberg, 2010). The business strategy is based around customer engagement and interactions, with transactions being a by product. The transparent operations increase customers' trust and loyalty, thus become advocates for the company (Mosadegh & Behboudi,...

...﻿Running head: CustomerRelationshipManagement Systems
CustomerRelationshipManagement Systems
Author Note:
This paper was prepared for Introduction to Information Systems, Fall 2013 Abstract
Customers have become increasingly aggressive in their demands for superior quality, but also for quick to respond service. Customerrelationshipmanagement is the response to this growing need. In this paper, we will learn about the different types of CRM systems, their capabilities and how by giving priority to the customer, a company can dramatically increase their profits.
CustomerRelationshipManagement Systems
Customerrelationshipmanagement plays a fundamental role in the development of any successful business. CRM systems “became part of the business world when business leaders came to the conclusion that they needed to improve the way their customer information was being managed using technology” (Kyle Lacy, 2013). The purpose of CRM systems is to manage customer interactions with the idea of keeping the client happy, thus increasing company revenues.
In 1995, research firm Gartner created the first definition of CRM, “CustomerRelationship...

...Unit 11: CustomerRelationshipManagement
Learning Objectives:
After studying this unit you will be able to:
* Understand the meaning and importance of CustomerRelationshipManagement.
* Identify the differences between Traditional marketing, Relationship Marketing and CRM
* To understand strategies for retaining customers &amp; building Brand Loyalty through CRM
11.1 Meaning and Importance of CRM:
11.2.1 Meaning of CRM: Customerrelationshipmanagement (CRM) is a widely implemented model for managing a company’s interactions with customers, clients, and sales prospects. It involves using technology to organize, automate, and synchronize business processes—principally sales activities, but also those for marketing, customer service, and technical support. The overall goals are to find, attract, and win new clients; nurture and retain those the company already has; entice former clients back into the fold; and reduce the costs of marketing and client service. Customerrelationshipmanagement describes a company-wide business strategy including customer-interface departments as well as other departments. Measuring and valuing customerrelationships is critical to...